Is There More?

Silver Eisenhower Dollars

A recent thread
on the CoinTalk web forum asked collectors what US coin series is most
undervalued.The consensus: Eisenhower
dollars.This article looks at a subset
of this series, the silver Ike dollar.

The Mint began
making Eisenhower dollars in 1971 with two purposes.First, like the Roosevelt and Kennedy series,
the coin honored a popular recently-deceased president (President Eisenhower
died in 1970).Second, the coins served
as slot machine tokens to replace the Peace dollars formerly used in
Nevada.The act authorizing the Ike
dollar specified a copper-nickel clad coin for circulation but also allowed for
a 40% silver version for sale to collectors.

Like the 40%
silver Kennedy half dollar of 1965–1970, the 40% dollar is “silver
clad.”That is, the planchet is a
sandwich with outer layers of 80% silver/20% copper and an inner layer of
20.9% silver/79.1% copper, giving the complete coin a silver content of 40%
and an actual silver weight of 0.3161 troy ounce.The absence of the copper stripe on the
coin’s edge distinguishes a silver Eisenhower from a copper-nickel clad
example.Unlike the 40% Kennedys, silver
Eisenhowers were only sold to collectors and did not circulate.The Mint made uncirculated and proof silver
Ikes, all with S mint marks, in five years (’71, ’72, ’73, ’74, and ’76) for a
total series of ten coins.

This ten-coin
series has appeal for both beginning and advanced collectors.People like large silver coins, and silver
Eisenhowers give the opportunity to own Mint State and Proof silver dollars for
only $9 to $18 each.Even including the
key date, the 1973S proof at $45, a collector can assemble a complete set for
about $150.The design adds to the
appeal, especially the inspiring “eagle landing on the moon” reverse based on
the Apollo 11 insignia.

For the
intermediate to advanced collector, Eisenhowers present the challenge of
finding high-grade examples.Big coins
receive many bag marks in normal minting and the obverses, with their low
relief and large fields, show flaws well.Bag marks are so common that the Mint included a card with each
uncirculated dollar stating in part, “The Treasury cannot guarantee that
the
uncirculated coins will be free from blemishes.”Availability, also, is surprisingly low, with
most dealers carrying more Mint State Morgan and Peace dollars than
Eisenhowers.

In addition to
raw and certified coins, the collector may want to consider collecting
Eisenhower silver dollars in original packaging.The mint sold uncirculated dollars, known as
“Blue Ikes,” in cellophane flat packs inside of blue cardboard envelopes.Proof dollars, or “Brown Ikes’” came in black
slabs held in brown boxes.For 1976
dates, the government also sold three-coin silver mint sets and silver proof
sets, each including one 40% silver dollar, 40% half, and 40% quarter.Silver Eisenhowers did not appear in other
mint or proof sets.